The number of Bitcoin whales (wallet addresses holding 1,000 BTC or more) hit its lowest level since August 2019 on Sunday.
On Sunday, February 19, the number of whales stood at 2,027, Glassnode reported; the last time the indicator hit such a low was on August 5, 2019, when it stood at 2,023.
Owning that much bitcoin at the current price of about $25,000 shows confidence in the largest cryptocurrency, with nearly $25 million held by each whale.
The number of Bitcoin whales peaked in February 2021 at nearly 2,500, but has been decreasing since then.
This downward trend continues despite a rebound from February 2022 to March 2022, when the number of whales increased from 2,117 on February 21 to about 2,286 on March 23.
giant whale and small fish
The same trend has not been seen for large whales holding more than 10,000 BTC, which at current prices would represent an investment of over $250 million.
The number of large whales is 117, very close to the historical peaks of 123 in November 2022 and 126 in October 2018. Their actions have previously had less impact on BTC prices.
However, the number of small investors (wallets holding more than 1 coin) in BTC has been steadily increasing over the past 5 years, with some declines over the past 5 years despite significant price changes.
The number of wallets containing more than one BTC is now 982,000, up from around 814,000 a year earlier and 788,000 in February 2020.
The news comes as bitcoin prices rallied in 2023, gaining about 40% so far this year, after the exchange’s notorious bankruptcy led to a sudden drop in prices in late 2022. Cryptocurrency translation FTX.
Bitcoin’s price has risen from $16,542 on January 1 to around $24,874 at press time.
Bitcoin price chart from early 2023 to present. Source: TradingView
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According to decryption